Amazon Stock's 14% Meltdown: 3 Jaw-Dropping Stats
With pandemic tailwinds fading, investors were expecting a slowdown from Amazon's (NASDAQ: AMZN) first-quarter report, but the falloff still seemed to surprise the market.
The stock plummeted after Amazon announced on Thursday that it missed bottom-line estimates and offered weak guidance for the second quarter. On Friday, shares were down 14% by closing bell. Beyond that, the numbers portray a company whose inexorable growth may be finally coming to an end. Amazon's revenue increased just 7% in the first quarter with much of that growth powered by its cloud computing division, Amazon Web Services (AWS). With nearly $500 billion in annual revenue, it makes sense that Amazon is struggling to deliver rapid revenue growth.
Outside of AWS, where revenue jumped 37% and profitability was robust, the results were dismal. Let's take a look at some of the most shocking numbers from the first quarter.
Source Fool.com
